Paytm founder Vijay Shekhar Sharma has denied reports that Silicon Valley Bank (SVB) has any stake in the company amidst the crisis currently faced by the US-based bank, according to media reports.
Earlier this week, reports suggested that SVB, which has been facing financial troubles, had a stake in Paytm, leading to concerns over the Indian fintech giant's exposure to the troubled bank.
However, in a statement released on his social media platform today, Sharma clarified that SVB is not a stakeholder in Paytm anymore.
Silicon Valley Bank was one of my first investor when @AshLilani supported us in first around of investments at One97. Thanks to him, we grew from a telco VAS company to what we are today. Long back, by selling to other private investors, #SVB exited fully with handsome returns on their total investment of only $1.7Mn. They neither are a current shareholder nor invested the amount
Shekhar also added that Paytm is financially sound and that the company has a diverse group of investors who have invested in it over the years.
However, Sharma's statement is likely to ease concerns among investors and customers of Paytm, which has emerged as one of India's leading fintech companies in recent years
